Targa Resources Corp. (NYSE:TRGP) Director Sells $23,329,500.00 in Stock

Targa Resources Corp. (NYSE:TRGP) Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $146.80 on Friday. The company has a market cap of $32.16 billion, a P/E ratio of 29.90, a PEG ratio of 1.24 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The business has a 50-day moving average price of $142.49 and a two-hundred day moving average price of $126.66. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $157.68.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the company posted $1.44 earnings per share. As a group, analysts anticipate that Targa Resources Corp. will post 5.88 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is presently 61.73%.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. Barclays increased their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley lifted their target price on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $141.77.

Hedge Funds Weigh In On Targa Resources

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in Targa Resources during the 2nd quarter worth approximately $1,992,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the second quarter valued at approximately $29,000. Cetera Investment Advisers grew its holdings in Targa Resources by 4.7% during the second quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock worth $4,188,000 after buying an additional 1,467 shares in the last quarter. Advisory Alpha LLC raised its position in Targa Resources by 8.4% in the 2nd quarter. Advisory Alpha LLC now owns 2,950 shares of the pipeline company’s stock valued at $380,000 after buying an additional 228 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after acquiring an additional 46,864 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.